Genting Bhd
jumped above the 200-day simple moving average (SMA) yesterday to affirm the strength of its bullish trend.The share has been seeing its short-term rally gaining strength and is poised to approach a resistance of RM4.77, representing a three-month high.
With sustained buying interest, the share could be targeting a higher resistance at RM5.12.The technical indicators are robust with the slow-stochastic and 14-day relative strength index (RSI) in overbought conditions but staying healthy.The daily moving average convergence/divergence (MACD) line is also on a bullish rise in positive territory.Support can be found at RM4.35 and RM4.17
Cahya Mata Sarawak
Cahya Mata Sarawak Bhd rallied for a second straight day yesterday to cross the 200-day SMA line, indicating the start of a recovery trend.Following the uptick in momentum, the share is headed for a higher target of RM1.18 and RM1.34.
The RSI has risen on bullish momentum to overbought levels but remains ascending while the slow-stochastic was seen neutralising yesterday in a sign of potential profit-taking following the rapid gain.The MACD, meanwhile, has signalled an uptrend following its crossing of the zero line.Support for the share is pegged to RM1.04 and 95 sen.
REDtone Digital
Redtone Digital Bhd is making a sustained recovery to retrace losses made during the recent profit-taking.The share is making its way to 74 sen with a higher target set at 80 sen.The technical indices are rapidly gaining strength with the MACD making a strong U-turn to face north towards the zero line.
Meanwhile, the RSI has entered into overbought conditions but continues to push higher while the slow-stochastic remains robust at 78 points.Support for the share is found at 65 sen and 61 sen.The comments above do not represent a recommendation to buy or sell.
